NAR Reports on Record Streak in Pending Home Sales

October, 2, 2009

On October 1, 2009, the National Association of Realtors® released this news release stating that "Record Streak Continues for Pending Home Sales"

In the article the NAR said that home sales have increased for seven straight months, the longest in the series of the index which began in 2001. In August, 2009 the index showed that contracts signed in August rose 6.4% to 103.8% from the previous reading in July.

However, as NAR's chief economist, Lawrence Yun, states that there is a problem that not all contracts will be able to close by the end of next month because of the long delays of short sales and the complex new appraisal rules. Here's is what he has to say to Robert Freedman of Realtor Magazine.

http://link.brightcove.com/services/player/bcpid42529863001?bctid=42977231001

Here is the link to view the article in full: http://www.realtor.org/press_room/news_releases/2009/10/streak_continues